Asia St: What the New Philippine Presidency Means for Business

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What the New Philippine Presidency Means for Business

May 10, 2022

Ferdinand “Bongbong” Marcos (Photo Credit: Wikimedia Commons).

The BGA Philippines team, led by BGA Managing Director Victor Andres Manhit, wrote an update to clients on what the results of the recent Philippine elections mean for business. The update examined the context within which the polls took place, their importance and some indicators to watch in the coming weeks and months as the new government takes shape.

Context

  • Philippine voters elected Ferdinand “Bongbong” Marcos Jr. as their next president in the country’s May 9 national and local elections.
  • The elections conclude a campaign season characterized by a passionate electorate and a wave of new voter registrations. However, the elections were marred by multiple instances of voter suppression, polling place violence and vote-buying attempts.

Significance

  • Marcos’ message of unity as the solution to the country’s woes had broad appeal with the electorate. His extensive social media campaign with Duterte helped him build a strong political machinery, allowing him to win voter support and secure a victory.
  • Marcos and his running mate Sara Duterte, daughter of incumbent President Rodrigo Duterte, will be inaugurated in June.

Implications

  • The new administration will transition into office over the next few weeks and months. BGA expects the incoming government to announce key appointments and outline the new government’s policy direction soon. Appointees such as the secretaries of Finance, Health and Public Works and Highways will play pivotal roles in shaping the country’s policy direction for the next six years.
  • BGA believes that many of the policies will seek to address urgent national concerns such as economic recovery and fighting corruption. This includes the provision of jobs and the delivery of essential goods and services at a lower cost to consumers.

BGA will continue to keep you updated on developments in the Philippines as they occur. If you have any questions or comments, please contact BGA Philippines Managing Director Victor Andres Manhit at vmanhit@bowergroupasia.com